Quantum computing has emerged as a revolutionary inter-disciplinary field paving the way for innovative solutions which were not imaginable using classical physics and computational models.1 Quantum computing has significantly boosted time savings across healthcare, financial analysis and cryptography, while also optimizing modern digital systems and allowing for better decision-making. However, many experts still feel that this field is in its infancy, with the shift from research centers to industrial settings requiring much more time and effort.
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Where is Quantum Computing Up To?
Quantum computing uses qubits, which allows for much faster computation than traditional computers. Experts worldwide are already making the most of this technology for drug discovery in the biomedical and healthcare fields, solving problems related to energy crisis, performing ultrafast aerospace simulations, and manufacturing fast semiconductor chips. Owing to its success in various industries, quantum computing is progressing significantly, and many resources are being invested to develop highly efficient quantum computers and microprocessors.
A detailed study by IDTechEx highlights that the interest by researchers and the rapidly growing number of startups in the domain of quantum computing will transform it into a billion-dollar industry. Experts have predicted that the market valuation of quantum computing technology will reach U.S. 10 Billion dollars in the next 2 decades, with a compound annual growth rate of over 25%.2
A Market on the Rise
A research study supported by the National Research Foundation of Korea (NRF) has also highlighted the transformative potential of quantum computing. Experts studied and plotted the yearly growth patterns of emerging quantum computing startups and revealed that in the last 4 years, more than 51 quantum-related startups yielded their maximum profit, and are continuously attracting customers from various fields and industries.3
Quantum Startups Growth Trends Plotted by Experts from South Korea in the Research Article.3 Picture Credit: Putranto et. al. A Deep Inside Quantum Technology Industry Trends and Future Implications. Available at: https://www.doi.org/10.1109/ACCESS.2024.3444779
Governments are also on the move – nations like the United States, the United Kingdom, China, and Germany are investing millions of dollars, and making significant breakthroughs in the field of quantum computing. This has motivated the governments of other countries like Canada, France, and the Netherlands to allocate funds for researching quantum computing to accelerate scientific advancements.2, 3
Major Players Reshaping the Quantum Computing Domain
Major companies and ambitious startups are continuously pushing the boundaries of quantum computing, developing new technologies that exceed the capabilities of earlier processors.
IBM is at the top of the list when it comes to quantum technology advancements. From manufacturing individual quantum processing microchips with over 100 qubits to scaling superconducting quantum processing units (QPUs) beyond the 1000 qubit range, IBM is making remarkable strides in helping quantum computers reach their true potential.4 Beyond hardware tools, they are also providing several software tools to develop a complete programming framework for users all over the world.5
Google is another prominent name when it comes to quantum computing, in particular with the development of a new quantum supercomputing chip called Willow at the end of 2024. Willow is among the fastest quantum chips and boasts superior error correction capabilities. A complex benchmark computation was performed by Willow in under 5 minutes which would take a modern supercomputer more than 1025 years.6
Rigetti Computing is a California-based company specializing in the development of quantum processing hardware. Their famous product includes The Novera QPU, which is a 9-qubit-based version of a quantum computer developed after 10 years of extensive research.7
From a business point of view, D-Wave is the only company demonstrating capabilities in practical quantum computing. They provide tools and support for performing quantum optimization to enhance productivity and lowering costs. D-wave is focused on solving real-world business problems by building quantum apps for various companies and is successfully demonstrating quantum return on investment.8
Other companies like IonQ and other emerging startups like PsiQuantum or Universal Quantum are becoming key players in this challenging economy and open up new avenues for fresh talent and chip manufacturers.
Technological Milestones
In the last 2 decades, we have seen breakthroughs in quantum device coherence times and gate fidelity, enabling the utilization of superconducting qubits. Lately, experts have turned to a material-based approach to boost quantum coherence. Niobium (Nb) stands out as the go-to choice for superconducting qubits, thanks to its high critical temperature and the largest superconducting gap among elemental superconductors. This helps minimize thermal quasiparticle-related losses at standard operating temperatures while performing complex computations.
However, surface oxides form on Nb, which leads to microwave losses during quantum operations. Recently, Grassellino et. al. have proposed a novel surface encapsulation strategy that prevents the formation of oxides on the surface of Nb when exposed to air during the operation of quantum devices. This proves to be a key technology in promoting significant systematic improvements in quantum coherence and improving the speed of quantum devices.
The team used different encapsulation materials like titanium, gold, tantalum, aluminum, etc. The experimental results revealed that the quantum devices incorporating encapsulated niobium qubits have much-improved T1 relaxation times which are about 2 - 5 times superior to the pristine quantum devices with unaltered niobium oxides. The capping of Nb with tantalum significantly improved the quantum coherence, demonstrating qubit lifetimes exceeding 300μs, with maximum values reaching up to 600 μs.9 This approach provides a solution for developing efficient cutting-edge devices with minimal dielectric loss at the metal/air interface.
Furthermore, companies like IBM and Google have made significant progress in scalability and error correction in modern quantum devices. The experts at IBM have developed a quantum-error correcting framework that is about 10 times more efficient than its counterparts. The experts at IBM have titled it “The Gross Code”, which builds remarkable redundancy into the quantum circuits. It involves a systematic circuit using different qubits working in tandem to protect data packets that a single qubit shall lose due to errors and noise.10 These efficient error mitigation techniques enable users to leverage quantum advantage on real quantum hardware.
An Overview of Technical Challenges
Despite breakthroughs by technological giants and emerging startups, the field of quantum computing still needs to overcome several challenges. The high cost and complexity associated with quantum hardware and software tools are limiting their potential use by the general public. While major companies offer cloud-based quantum computing tools, they’re still largely used for research and academia, with commercial applications remaining rare.
Quantum computing is being explored in limited commercial fields such as cryptography, drug discovery, and materials sciences. Additionally, several startups are focusing on using quantum algorithms for Industries with high computational demands, such as finance and pharmaceuticals. However, these efforts are still in the early stages and have yet to be fully optimized. Improving error correction and developing a large number of stable qubits will enhance the performance of quantum algorithms for industrial use and unlock new possibilities in the future.11
Future Outlook
The field of quantum computing is ready to take a giant leap toward commercialization, completely changing our thinking in solving complex problems. The advancements in qubit technology, quantum error correction (QEC), and chip design are key milestones in the journey toward building fault-tolerant quantum computers that can address real-world challenges.
Particularly, the integration of quantum and classical computing elements marks the beginning of hybrid systems, which are expected to improve accessibility and versatility across various applications. These systems, along with the progress in quantum networks, are paving the way for secure quantum communication and the potential development of a quantum internet, revolutionizing cybersecurity and global data exchange.12
There is no doubt that quantum computing will grow rapidly in the next 5 to 10 years. Strategic investments and interdisciplinary research are the key to unlocking the potential of this billion-dollar industry. A proactive approach involving the development of in-house expertise, laying the foundation of a strategic investment plan, and interdisciplinary collaboration will ensure that commercialization and business opportunities are the core area of focus.
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Further Reading
- Eswaran, U. et. al. (2024). Role of Quantum Computing in the Era of Artificial Intelligence (AI). In Applications and Principles of Quantum Computing. 46-68. IGI Global. Available at: https://www.doi.org/10.4018/979-8-3693-1168-4.ch003
- Skyrme, T. et. al. (2025). Quantum Computing Market 2025-2045:Technology, Trends, Players, Forecasts. IDTechEx. Sample Pages. 1-21. Available at: https://www.idtechex.com/users/action/dl.asp?documentid=29225 [Accessed on: January 19, 2025].
- Putranto, D. et. al. (2024). A Deep Inside Quantum Technology Industry Trends and Future Implications. IEEE Access. 12. 115776-115801. Available at: https://www.doi.org/10.1109/ACCESS.2024.3444779
- Egger, D. et. al. (2024). Dynamic circuits enable essential circuit cutting methods for quantum-centric supercomputing. IBM Quantum Research Blog. Available at: https://www.ibm.com/quantum/blog/lo-locc-circuit-cutting [Accessed on: January 20, 2025].
- IBM Qiskit v1.3.1. (2025). Qiskit is the highest-performing quantum SDK. IBM Quantum. Available at: https://www.ibm.com/quantum/qiskit [Accessed on: January 19, 2025].
- Neven, H. (2024). Meet Willow, Our State-of-the-Art Quantum Chip. Google Quantum AI. Available at: https://blog.google/technology/research/google-willow-quantum-chip/ [Accessed on: January 20, 2025].
- Rigetti. (2025). Novera QPU 9-qubit QPU. Available at: https://www.rigetti.com/novera [Accessed on: January 20, 2025].
- D-Wave. (2025). Unlock the Power of Practical Quantum Computing Today. Available at: https://www.dwavesys.com/ [Accessed on: January 20, 2025].
- Bal, M. et al. (2024). Systematic improvements in transmon qubit coherence enabled by niobium surface encapsulation. npj Quantum Inf 10, 43. Available at: https://doi.org/10.1038/s41534-024-00840-x
- Letzter, R. (2024). Landmark IBM error correction paper published on the cover of Nature. Quantum Research. Available at: https://www.ibm.com/quantum/blog/nature-qldpc-error-correction [Accessed on: January 20, 2025].
- Memon Q. et. al. (2024). Quantum Computing: Navigating the Future of Computation, Challenges, and Technological Breakthroughs. Quantum Reports. 6(4). 627-663. Available at: https://doi.org/10.3390/quantum6040039
- Keesling, A. (2024). The Future Of Computing Is Hybrid: Why Quantum Computers Will Work Alongside Classical Systems. Forbes. Available at: https://www.forbes.com/councils/forbestechcouncil/2023/11/10/the-future-of-computing-is-hybrid-why-quantum-computers-will-work-alongside-classical-systems/ [Accessed on: January 20, 2025].
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